Oil prices rise after 6-day drop
2023.02.23 03:29
Oil prices rise after 6-day drop
By Ray Johnson
Budrigannews.com – WTI’s recovery from a six-day losing streak was aided by mounting concerns that more aggressive interest rate increases by central banks could constrain economic growth and fuel demand, which in turn led to a slight rise in oil prices on Thursday in light Asian trade.
By 0110 GMT, futures had increased by 2 cents to $80.62 per barrel. The price of a barrel of West Texas Intermediate crude (WTI) increased by 9 cents, or 0.1%, to $74.04.
According to the minutes of the most recent meeting of the U.S. Federal Reserve, the majority of Fed officials agreed that the risks of high inflation remained an important factor in determining monetary policy and deserved continued rate increases until they were controlled.
Oil has also been impacted by indications of additional crude inventory increases.
According to market sources who cited American Petroleum Institute figures on Wednesday, oil and fuel inventories increased by 9.9 million barrels last week.
Since mid-December, oil inventories in the United States have increased weekly, raising concerns among investors regarding demand. API/S] Last week, a poll conducted by Reuters predicted that crude stockpiles would rise by 2.1 million barrels. The U.S. Energy Information Administration’s official data are due on Thursday at 1600 GMT.
